Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, doing it on your own could be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
So what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. While this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Vs Woocommernce Services
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s explore their features and services.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting software seamlessly works well with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your key data in one location. That way, there’s no need to collect data in multiple channels and organize it into a single platform. All you need to do is to integrate TaxJar then the system will do the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. In this review, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on managing these. But, it is up to you and your team to finish the tax returns in time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to all the information you need, like an inventory of your transactions, reports and information.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only can they help you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to see the total sales tax within your company. You can also export the information as CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to hunt for your paperwork when you’re when you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but everything that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more details. Apart from that, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most effective plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small business proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking for that is more than the basics Professional might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members, and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Vs Woocommernce Services
But they did state that this plan is tailor-fit for every user. The cost of the plan will be different according to what you require for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. It should give you enough time to see whether the service is a good fit for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you do, then you should try this.
Not only can it assist you in keeping track of your revenue and products It can assist you in meeting your deadlines. It is also a great opportunity for accountants since they have a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can allow you to get more done while keeping on top of each deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your head around it. TaxJar Vs Woocommernce Services
However, if managing your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Vs Woocommernce Services
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar can calculate the tax.
